Agritech reports Rs1bn net loss for 2024
MG News | March 07, 2025 at 10:35 AM GMT+05:00
March 07, 2025 (MLN): Agritech Limited (PSX: AGL) has reported a net loss of Rs1.11 billion for the year ended December 31, 2024, compared to a profit of Rs1.08bn in 2023.
Earnings per share (EPS) fell from Rs2.77 in 2023 to a loss per share of Rs2.71 in 2024, reflecting the challenging financial environment Agritech Limited faced during the year.
The decline in profitability was driven by increased operating expenses, finance costs, and taxation.
The company’s net sales surged by 41.2% to Rs31.31bn in 2024 from Rs22.17bn in the previous year.
Despite this revenue growth, cost of sales also rose significantly by 40.89% to Rs25.04bn, resulting in a gross profit of Rs6.27bn, up 42.45% from Rs4.40bn in 2023.
Operating expenses witnessed a sharp increase, with selling and distribution expenses rising by 76.31% to Rs1.19bn and administrative expenses climbing 26.77% to Rs819.1 million.
Other expenses saw an extraordinary surge of 543.12%, reaching Rs409.98m. Consequently, total expenses jumped 74.68% to Rs2.42bn.
On the positive side, other income saw an impressive increase of 188.19% to Rs2.08bn, contributing to an operating profit of Rs5.93bn, a 58.68% improvement from Rs3.74bn last year.
However, finance costs remained a major concern, rising 15.04% to Rs7.01bn, further pressuring the bottom line.
This resulted in a pre-tax loss of Rs1.7bn in 2024 compared to a pre-tax profit of Rs533.55m in 2023.
The company incurred final and minimum taxes of Rs612.75m, up 95.21% from Rs313.89m last year, further impacting profitability.
Despite a tax reversal of Rs581.52m, the company still ended the year with a net loss of Rs1.11bn.
| Statement of profit and loss for the year ended 31 December 2024 (in Rupees) | 2024 | 2023 | %Change |
| Sales - net | 31,306,773,227 | 22,172,162,439 | 41.20% |
| Cost of sales | (25,040,969,778) | (17,773,662,239) | 40.89% |
| Gross profit | 6,265,803,449 | 4,398,500,200 | 42.45% |
| Selling and distribution expenses | (1,186,250,139) | (672,817,846) | 76.31% |
| Administrative and general expenses | (819,100,249) | (646,125,718) | 26.77% |
| Other expenses | (409,978,308) | (63,748,796) | 543.12% |
| Total expenses | (2,415,328,696) | (1,382,692,360) | 74.68% |
| Other income | 2,080,991,056 | 722,100,479 | 188.19% |
| Operating profit | 5,931,465,809 | 3,737,908,319 | 58.68% |
| Finance cost | (7,014,420,558) | (6,097,584,401) | 15.04% |
| Loss before taxation and restructuring gain | (1,082,954,749) | (2,359,676,082) | -54.11% |
| (Loss)/Profit before final and minimum tax and taxation | (1,082,954,749) | 847,437,919 | |
| Final and minimum taxes | (612,746,705) | (313,891,039) | 95.21% |
| (Loss)/Profit before taxation | (1,695,701,454) | 533,546,880 | |
| Taxation | 581,520,848 | 552,244,945 | 5.30% |
| (Loss)/Profit after taxation | (1,114,180,606) | 1,085,791,825 | |
| (Loss)/Earnings per share - basic | (2.71) | 2.77 |
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